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These NFT things

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You remember those companies popping up everywhere in the late 1990s that were ubiqutously called "something dot com " and that everyone was bidding up and paying stupid amounts of money for even though most of them had no value, did no significant business, and offered nothing of value?

Yeah, NFTs are a lot like those.
 
Anyone saying "scam" outright hasn't bothered their arse to read up on NFTs. Things aren't automatically a scam because you didn't get in on it or don't understand how it works. This whole fake moralistic BS too, "but crypto is used for illegal activities", so are millions if not billions worth of paper "fiat" currencies.

In terms of real art, you can print the image of the Mona Lisa and hang it in your living room or pay someone to do a life like replica on the cheap, whatever, but it doesn't make it the Mona Lisa. Same logic applies to these nfts, so people say, "but I can just screenshot/ download the image", true, but you don't own the actual image and your screenshot is worthless while the original jpeg is worth 100k.

It's really that simple, like most things the market/ rarity/ uniqueness drives the price. Sports card companies and comic companies etc are already in on it using NFTs for special edition digital pieces etc. Games are using it for a special one of a kind NFT armour/ weapon/ skin etc. It's not just jpegs of apes.

Disclaimer : I don't own any but I bothered my arse to read up on it a while ago as I've been invested in crypto a few years now.

@Groucho hopefully that explains it abit better mate.
 

Groucho said:
What the bloody hell are they? I keep reading about them but no one seems to explain what they are.

Anyone?

*mumbles and goes back to bed
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Here's how I understand it: take everything potentially useful about crypto, remove that, sell the junk that remains in a piece of art* (which you may or may not have the legal rights to own).
 
PhilM said:
You 'own' a unique token that is loosely associated with a digital file. This is all stored on a block chain so ownership rights, like BitCoin, can't be manipulated*

The idea is that if you make a piece of digital artwork, such as image, video or piece of code, the origin rights (copyright) are maintained by one person.

A .jpg for example can be copied countless times from the master, but theoretically only one person will only the NFT of the original hence having ownership.

The idea is that it'll be prove those rights (e.g. as evidence for revenue or over disputes of copyright) as the person who made it will have that NFT.

The only issue is that while this all sounds wonderful and could be useful for selling digital rights for anything from tickets etc., it's mostly used illegally.

Moving money digitally around the world is now much, much easier than ever if you know how, but it's not exactly useful for your average buck dealer etc.

*apparently.
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So, why would a videogame company implement anything like this? I still have no idea what it's even about even with this explanation(which is really quality btw).
 

riddick said:
So, why would a videogame company implement anything like this? I still have no idea what it's even about even with this explanation(which is really quality btw).
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I'm purely speculating here based on how it's used elsewhere, but I'd suspect it's to do with the ownership of unique skins, weapons or whatever they sell.

Some idiot will choose to pay £50 or something silly for a one-off weapon, with an NFT to prove it, rather than the £10 that everyone else pays.*

In essence, it's supply and demand and NFT can be used to reduce supply by making them 'unique' and as such increasing demand. All a con to make money.

*Which in my eyes is £10 too much anyway.
 
BrendanGOT said:
Anyone saying "scam" outright hasn't bothered their arse to read up on NFTs. Things aren't automatically a scam because you didn't get in on it or don't understand how it works. This whole fake moralistic BS too, "but crypto is used for illegal activities", so are millions if not billions worth of paper "fiat" currencies.

In terms of real art, you can print the image of the Mona Lisa and hang it in your living room or pay someone to do a life like replica on the cheap, whatever, but it doesn't make it the Mona Lisa. Same logic applies to these nfts, so people say, "but I can just screenshot/ download the image", true, but you don't own the actual image and your screenshot is worthless while the original jpeg is worth 100k.

It's really that simple, like most things the market/ rarity/ uniqueness drives the price. Sports card companies and comic companies etc are already in on it using NFTs for special edition digital pieces etc. Games are using it for a special one of a kind NFT armour/ weapon/ skin etc. It's not just jpegs of apes.

Disclaimer : I don't own any but I bothered my arse to read up on it a while ago as I've been invested in crypto a few years now.

@Groucho hopefully that explains it abit better mate.
Click to expand...
Agree that 'flat' money is also abused, but.....

The Mona Lisa is probably the most famous piece by arguably the most famous artist. It's been valued by experts for about 500 years. If they put a number value on it, it's probably about right.

A digitally created monkey with a baseball cap is exactly that. A digital monkey with a baseball cap. But hey, if you don't like that one, buy another of the same monkey with a different cap.

Yes, it's not all funny monkeys, you can even buy a plot of land next to Snoop Doggs DIGITAL house for $450k!

They may prove to be valuable over time, or the arse may fall out of them. There's zero basis for some of the values being attached to them today.
 

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